You can't make this up. #Bitcoin just did something we've never seen in a bear market since at least 2015.
According to Glassnode, Bitcoin's long term holders never fell underwater on average during this cycle.
The key metric is LTH MVRV.
In previous bear markets, it eventually dropped below 1.0 at the cycle lows, meaning the average long term holder was sitting on an unrealized loss.
This time, it stayed above breakeven.
And now it's climbing again.
That is a pretty important difference.
Because Bitcoin still experienced a brutal drawdown this year. The market got close enough to previous bear market conditions that a lot of people were calling for a deeper cycle reset.
Yet the strongest holders never reached the same level of financial stress.
Personally, I think this tells us something about how different this cycle has been.
There is clearly more mature capital sitting in Bitcoin, and the market has been able to absorb a much deeper correction without pushing the average long term holder into an unrealized loss.
But I wouldn't turn this into “bear market over” just yet.
LTH profitability can remain positive while price still experiences major corrections. And Glassnode's own data has shown periods of significant long term holder capitulation earlier this year.
The real signal is what happens from here.
If LTH MVRV keeps rising while spot demand and accumulation strengthen, this starts looking less like a traditional bear market and more like a prolonged reset inside a broader uptrend.
Bitcoin has already broken one historical pattern.
Now I'm watching whether it can break the rest.
$BTC #BTC Price Analysis# #Bitcoin Price Prediction: What is Bitcoins next move?#
According to Glassnode, Bitcoin's long term holders never fell underwater on average during this cycle.
The key metric is LTH MVRV.
In previous bear markets, it eventually dropped below 1.0 at the cycle lows, meaning the average long term holder was sitting on an unrealized loss.
This time, it stayed above breakeven.
And now it's climbing again.
That is a pretty important difference.
Because Bitcoin still experienced a brutal drawdown this year. The market got close enough to previous bear market conditions that a lot of people were calling for a deeper cycle reset.
Yet the strongest holders never reached the same level of financial stress.
Personally, I think this tells us something about how different this cycle has been.
There is clearly more mature capital sitting in Bitcoin, and the market has been able to absorb a much deeper correction without pushing the average long term holder into an unrealized loss.
But I wouldn't turn this into “bear market over” just yet.
LTH profitability can remain positive while price still experiences major corrections. And Glassnode's own data has shown periods of significant long term holder capitulation earlier this year.
The real signal is what happens from here.
If LTH MVRV keeps rising while spot demand and accumulation strengthen, this starts looking less like a traditional bear market and more like a prolonged reset inside a broader uptrend.
Bitcoin has already broken one historical pattern.
Now I'm watching whether it can break the rest.
$BTC #BTC Price Analysis# #Bitcoin Price Prediction: What is Bitcoins next move?#
